Gold drops Rs 1,300 to Rs 81,100 per 10 gm; silver plummets Rs 4,600
Gold prices retreated from record high in the national capital on Monday, declining Rs 1,300 to Rs 81,100 per 10 grams following fresh selling by stockists and retailers, according to the All India Sarafa Association.
Gold prices retreated from record high in the national capital on Monday, declining Rs 1,300 to Rs 81,100 per 10 grams following fresh selling by stockists and retailers, according to the All India Sarafa Association.
The precious metal of 99.9 per cent purity had traded flat at Rs 82,400 per 10 grams -- its all-time high -- on Thursday.
Silver also remained under selling pressure and slipped below the Rs 95,000-mark, depreciating Rs 4,600 to Rs 94,900 per kg. It had closed at Rs 99,500 per kg on Thursday.
Traders said tepid demand from jewellers and retailers in local markets weighed on gold prices. 6Prices of gold of 99.5 per cent purity decreased Rs 1,300 to Rs 80,700 per 10 grams.
The yellow metal had closed at Rs 82,000 per 10 grams -- its all time high -- in the previous session on Thursday.
In futures trade on the Multi Commodity Exchange (MCX) on Monday, gold contracts for December delivery fell Rs 329, or 0.42 per cent, to trade at Rs 78,538 per 10 gram.
"Gold prices experienced volatility as Comex gold found support near $2,730 but struggled to break above $2,750.
"With the US election results due in the next two days, market participants are expected to have mixed sentiments, likely resulting in a range-bound session between Rs 78,000 and Rs 79,000 in MCX," Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, said.
Last week, the yellow metal had hit a lifetime high of Rs 79,775 per 10 grams. Silver contracts for December delivery decreased Rs 412, or 0.43 per cent, to Rs 95,071 per kg on the MCX.
Globally, Comex gold futures rose 0.13 percent, or $3.6 per ounce, to $2,752.80 per ounce.
"Gold prices are trading slightly lower on profit-booking as traders now look for fresh cues on the demand front and are also keeping positions light ahead of the key events like US elections/Federal Reserve's policy decision and other data due from the global market," Pranav Mer, VP of Research (Commodity & Currency) at BlinkX and JM Financial, said.
According to Praveen Singh -- Associate VP, Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, gold was highly volatile and choppy on Monday as it surged on disappointing US non-farm payroll report, but it fell as yields surged with focus on the US presidential election outcome and possible increase in fiscal deficit.
On the other hand, Comex silver futures quoted 0.78 per cent higher at USD 32.94 per ounce in the Asian market hours. "Moving forward, traders believe the gold price should consolidate in a broader range before the outcome of the major two-event US presidential election and Federal Open Market Committee (FOMC) meeting.
"On the macro front, US factory orders will be released later on Monday, which may provide short-term volatility in gold," Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
According to a report by Goldman Sachs Research, gold is expected to climb higher than previously expected as central banks in emerging markets have ramped up purchases.
The precious metal is predicted to rise to $3,000 per ounce by end-2025. Emerging market central bank purchases of gold have risen notably since the freezing of Russian central bank assets in 2022, following Russia's invasion of Ukraine, the report said.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
Retirement Planning: In how many years your Rs 25K monthly SIP investment will grow to Rs 8.8 cr | See calculations
Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404
Top 7 Mid Cap Mutual Funds With up to 41% SIP Returns in 5 Years: No 1 fund has converted Rs 15,000 monthly investment into Rs 23,84,990
SBI 5-Year FD vs MIS: Which can offer higher returns on a Rs 2,00,000 investment over 5 years? See calculations
05:13 PM IST